Rigel Resource Acquisition, a blank check company formed by Orion Resource Partners targeting the mining industry, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with an affiliate of the sponsor. At the proposed deal size, Rigel Resource Acquisition would command a market value of $313 million.
The company is led by Chairman Oskar Lewnowski, the founder and CIO of metals and mining-focused private equity firm Orion Resource Partners, and CEO and Director Jonathan Lamb, a Portfolio Manager at Orion. The company plans to target the global mining and metals and basic materials sectors, which may include "green" and/or battery metals and industrial minerals, and ancillary service providers delivering innovative mineral processing technologies, or battery material technologies.
Rigel Resource Acquisition was founded in 2021 and plans to list on the NYSE under the symbol RRAC.U. Goldman Sachs is the sole bookrunner on the deal.
